Russia’s PMI in the Service Sector Crashed from 37.1 Points to 12.2 in April
“The Russian services sector in April indicated the sharpest decline in business activity in the history of the study, since the impact of extreme restrictions after the outbreak of coronavirus (COVID-19) was felt throughout the services sector. The decrease was due to both a temporary closure of the business and a significant drop in demand from parties of customers who kept costs and postponed placing orders. As a result, companies significantly reduced the number of employees against the backdrop of growing reserve capacities", the report says.
IHS Markit noted that the volume of new orders in April decreased due to their cancellation or postponement against the background of the self-isolation regime. Demand from foreign customers also decreased, while the pace of decline in export of services fell at the highest pace since September 2014.